[ET Net News Agency, 19 December 2019] China Taiping Insurance Holdings Company Limited
(00966) said TPL, a non-wholly owned subsidiary of the company, entered into investment
agreements with CRCC and the target companies.
Pursuant to the terms and conditions of the agreements, TPL has agreed to invest in the
trget companies by a total of RMB6.50 billion in cash. Upon the completion of the
transactions contemplated under the agreements, it is expected TPL will hold 7.47%,
17.27%, 10.86% and 8.49% equity interests in CRCCI, CRCC Kunlun, CR 11th Bureau and CRCCG
respectively.
The target companies will not become subsidiaries of the company and their financial
results and positions will not be consolidated into the financial statements of the group
either.
As the leading company in infrastructure industry, CRCC has absolute strengths in areas
of high speed rail, highway, building construction in the PRC. At the same time, it also
made outstanding achievements in major overseas projects benefiting from the Belt and Road
initiative in recent years. The four target companies involved in this investment are core
subsidiaries of CRCC that respectively engaging into the business of construction and
investment and being part of the most quality assets of CRCC. (RC)